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Crude Drops to Two-Month Low on Weaker Oil-Demand Outlook

By

Nicole Hong

Updated March 4, 2013 3:09 p.m. ET

NEW YORK—Crude-oil prices settled at a two-month low Monday after dipping below $90 a barrel for the first time this year on a weaker oil-demand outlook.

Oil prices have fallen almost 9% since mid-February on worries about weaker demand from the U.S. and China, the world's two largest oil consumers. The Chinese government reported over the weekend that the country's services sector in February grew at its slowest pace in five months....